I can't talk about whether we have any interest in buying Myspace now—it's a confidential process—but it's the biggest property for sale at what, in this market, would be a somewhat reasonable price. You always care if there's an asset that you feel is undervalued when you had a plan to develop it.

He says that he's open to working on any platform: "It doesn't matter if you play on Facebook or your smartphone. We're not wedded to one platform. I'd love to work with Myspace again."

It's hard to imagine anybody turning MySpace around, but at least he understands the pitfalls: you can't just compete with dominant players like Facebook and Twitter. You have to "outflank" them, he says.